The Korea Times

Samsung's foundry plant construction to strengthen Korea-US chip ties

President Yoon Suk-yeol, second from left, and U.S. President Joe Biden, left, look around Samsung Electronics' semiconductor plant in Pyeongtaek, Gyeonggi Province, May 20, with Samsung Electronics Vice Chairman Lee Jae-yong, third from left. Korea Times photo by Seo Jae-hoonBy Kim Hyun-binSamsung's U.S. foundry plant construction is expected to strengthen Korea-U.S. semiconductor ties, with the company conducting large-scale recruitment of local workers as the groundbreaking ceremony draws closer, according to industry officials, Sunday.Samsung Electronics Vice Chairman Lee Jae-yong, Korean President Yoon Suk-yeol and U.S. President Joe Biden are all highly likely to attend the groundbreaking ceremony. It is speculated that the ceremony for the factory in Taylor, Texas, could become a symbolic event that further strengthens the semiconductor alliance between Korea and the U.S."The schedules of key personnel are being adjusted in relation to the groundbreaking ceremony," an industry official said.Industry insiders believe that the groundbreaking ceremony could be held around Sept. 1

Sep 5, 2022By Kim Hyun-bin

Samsung's foundry plant construction to strengthen Korea-US chip ties

Trade chief to visit US for talks on EV tax credit

Companies

Lotte starts Vietnam's eco smart city landmark project

Lotte Group Chairman Shin Dong-bin, right, shakes hands with Ho Chi Minh City People's Committee Chairman Phan Van Mai, at the groundbreaking ceremony for Thu Thiem Eco Smart City held in Ho Chi Minh City, Vietnam, Friday. / Courtesy of Lotte Group By Kim Hyun-binLotte Chairman Shin Dong-bin has kick-started a Southeast Asian landmark project to build an integrated smart logistics center in Vietnam, according to the company, Sunday.The company held a groundbreaking ceremony for the Thu Thiem Eco Smart City project in the Thu Thiem District of Ho Chi Minh City in time for Vietnam's Independence Day on Sept. 2.“This year marks the 30th anniversary of diplomatic relations between Korea and Vietnam. With the Thu Thiem Eco Smart City Project as a starting point, Lotte Group will further expand its investment in Vietnam.” Lotte Group Chairman Shin Dong-bin said.The groundbreaking ceremony was attended by Lotte Group officials, including Lotte Chairman Shin Dong-bin. From

Sep 4, 2022By Kim Hyun-bin

Lotte starts Vietnam's eco smart city landmark project

Companies

Chaebol tycoons seek to connect with younger generation of workers

Samsung Electronics Vice Chairman Lee Jae-yong, center, poses with Samsung SDS employees in Seoul, Tuesday. Lee held meetings with working moms and freely shared his opinions and concerns over family and work amid COVID-19. This is the first time Lee visited Samsung SDS in Seoul. / Courtesy of Samsung ElectronicsBy Kim Hyun-binKorea's top business leaders have been breaking tradition by holding casual, unannounced meetings with employees as they try to connect with younger, working-age Koreans, according to industry officials and experts, Wednesday. They are aiming to break down the image of their authoritarian company cultures and establish more horizontal organizational structures to create a friendlier work atmosphere for employees. They have been seeking to listen more closely to the opinions of employees from the “MZ Generation,” a group including millennials and Generation Zers, share information through social media and evaluate the value of corporations and products through these platforms.“I see it very positively. The MZ generation is more adept at using s

Sep 1, 2022By Kim Hyun-bin

Chaebol tycoons seek to connect with younger generation of workers

Companies

Earth photo taken by Danuri

This image of the Earth was taken by Korea's unmanned space vehicle Danuri, photographed at a distance of 1.3 million kilometers away on Aug. 29. / Courtesy of Ministry of Science and ICT

Sep 1, 2022By Kim Hyun-bin

Companies

Samsung, SK chiefs to go abroad to promote Busan's bid to host World Expo 2030

Lee named as presidential special envoyBy Kim Hyun-binThe government is starting to appoint major conglomerate chiefs as special envoys to campaign for Busan's bid to host the World Expo in 2030, according to government and industry officials, Thursday.The presidential office announced Thursday it has decided to appoint Samsung Electronics Vice Chairman Lee Jae-yong as a special envoy to help rally support for Busan."I heard that Vice Chairman Lee has decided to become a special envoy for Busan's bid to host the Expo," a high-ranking official from the presidential office said. Samsung Electronics Vice Chairman Lee Jae-yongRegarding SK Group Chairman Chey Tae-won, who is also chairman of the Korea Chamber of Commerce and Industry (KCCI), the official said, “I will inform you of other conglomerate chiefs' appointments when the time comes.”Samsung Electronics Vice Chairman Lee and SK Group Chairman Chey will visit the U.K. and Japan this month to raise support for holding the World Expo 2030 in Korea's southeastern port city and call for the two countries' leaders to support

Sep 1, 2022By Kim Hyun-bin

Samsung, SK chiefs to go abroad to promote Busan's bid to host World Expo 2030

Companies

Chey Tae-won to appear on YouTube to promote Busan Expo bid

By Kim Hyun-binKorean Chamber of Commerce and Industry (KCCI) Chairman Chey Tae-won will appear on the popular economic YouTube channel Sampro TV next month to promote Busan's bid to host the World Expo 2030. This marks the first time that the head of a major conglomerate will appear on a popular YouTube channel, according to industry officials, Wednesday. Chey is also the chairman of SK Group, the country's second-largest conglomerate.Chairman Chey will appear as part of an invited panel on the YouTube channel. The main topic to be covered will be Busan's bid to host the World Expo 2030, which is being promoted jointly by the public and private sectors. Chey will explain the meaning and expected economic effects of hosting the Expo. KCCI Chairman Chey Tae-won“Sampro TV is a representative economic YouTube channel with more than 2 million subscribers. It is popular because it mainly deals with global industrial issues and the current state of the stock market,” a KCCI official said. “On the program, the chairman aims to promote Busan's bid to host the World Expo 203

Aug 31, 2022By Kim Hyun-bin

Chey Tae-won to appear on YouTube to promote Busan Expo bid

Global Community

1,200 more foreigners to work on farms this year

A migrant laborer from Cambodia works on a farm in Chungju, North Chungcheong Province. / Korea Times fileBy Kim Hyun-binThe Ministry of Agriculture, Food and Rural Affairs has increased the allocation of foreign workers in the agricultural sector this year from 8,200 to 9,430, according to Foreign Workforce Policy Committee, Wednesday. The move comes as Korea has been struggling to retain foreign workers amid the COVID-19 pandemic, which hit rural areas hard with a growing number of foreign workers, who have become the backbone of Korea's agriculture and fisheries industries, returning to their home countries.In addition, the number of foreign workers small and medium sized farms are allowed to hire will also be increased. The total employment allowance for farms in the bottom 67 percent will allow the hire of two more workers each. As the entry conditions have improved this year, the number of foreign workers entering the country has increased rapidly. As of the end of July, 5,415 people entered the country and the total number employed is 20,073.This is a 13 percent increase compa

Aug 31, 2022By Kim Hyun-bin

1,200 more foreigners to work on farms this year

Companies

Samsung chief meets working mothers

Samsung Electronics Vice Chairman Lee Jae-yong, center, poses with working mothers during his visit to Samsung SDS in Seoul, Tuesday. Lee had talks with them about their concerns over combining family, home life and work as well as changes in work-life balance amid the COVID-19 pandemic. It was the first time Vice Chairman Lee visited the location. Courtesy of Samsung Electronics

Aug 30, 2022By Kim Hyun-bin

Companies

Kim Dong-kwan promoted to Hanwha Group vice chairman

By Kim Hyun-binHanwha Solutions President Kim Dong-kwan the eldest son of Hanwha Group Chairman Kim Seung-youn, was promoted to vice chairman. It is predicted that his appointment will speed up Hanwha Group's management succession process.With his appointment as Hanwha Group vice chairman, Kim will also take over as CEO of Hanwha Solutions, Hanwha Corp. and Hanwha Aerospace.Newly appointed Hanwha Group Vice Chairman Kim Dong-kwan"Vice Chairman Kim is playing an important role in the green energy and aerospace businesses that Hanwha Group, led by Chairman Kim Seung-youn, is pinpointing as the group's future businesses," Hanwha Group said.The newly appointed vice chairman was also recognized for his efforts to strengthen business competitiveness, and discover and invest in future strategic businesses.Kim played a major role in growing Hanwha Solutions' Q Cells into a leading company in the U.S. and European markets. The company is expanding its solar power business in the U.S., including securing production facilities in the U.S., and its eco-friendly energy business is active in Europ

Aug 29, 2022By Kim Hyun-bin

Kim Dong-kwan promoted to Hanwha Group vice chairman

Companies

Jeju Air's financial trouble spreads to Aekyung Group

A Jeju Air jet / Courtesy of Jeju AirBy Kim Hyun-binJeju Air's growing financial trouble is spreading to its parent firm Aekyung Group as it continues to bleed funds, according to industry officials Monday. AK Holdings, the holding company of Aekyung Group with a 51.06 percent stake, has been seeing its finances deteriorate as it continues to inject capital into Jeju Air, which has been devastated by increasing losses due to the COVID-19 pandemic.The budget airline, which has been experiencing a liquidity crisis, decided to issue a paid-in capital increase worth 320 billion won ($237 million), with support from Aekyung Group and general shareholders. Since 2020 the group has made continuous paid-in capital increases adding up to nearly 700 billion won.According to the Financial Supervisory Service, Monday, Jeju Air will proceed with a capital increase of 320 billion won in November. The company, which carried out a capital increase of 158.4 billion won in July 2020 and 206.6 billion won last October, will receive a total of 683 billion won from shareholders through November.“Th

Aug 29, 2022By Kim Hyun-bin

Kim Hyun-bin

Read more

Samsung's foundry plant construction to strengthen Korea-US chip ties

Lotte starts Vietnam's eco smart city landmark project

Chaebol tycoons seek to connect with younger generation of workers

Earth photo taken by Danuri

Samsung, SK chiefs to go abroad to promote Busan's bid to host World Expo 2030

Chey Tae-won to appear on YouTube to promote Busan Expo bid

1,200 more foreigners to work on farms this year

Samsung chief meets working mothers

Kim Dong-kwan promoted to Hanwha Group vice chairman

Jeju Air's financial trouble spreads to Aekyung Group

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